Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print T. Rowe Price Equity Income Port Release date as of 2025-04-30. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2025-04-30 Out of 1089 Large Value Funds Morningstar® Style Box™ What is this? As of 2025-03-31 Total Fund Assets ($ Mil) 750.33 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks a high level of dividend income and long-term capital growth primarily through investments in stocks. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities with a track record of paying dividends. The advisor generally seeks investments in large-capitalization companies and the fund's yield, which reflects the level of dividends paid by the fund, is expected to normally exceed the yield of the Russell 1000® Value Index.

Morningstar Category: Large Value Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 88.5 Non-U.S. Stocks 9.9 Bonds 0.0 Cash 1.2 Other 0.4 Data through 2025-03-31 Morningstar Equity Sectors % of Stocks Cyclical 31.79 Basic Materials 1.63 Consumer Cyclical 4.02 Financial Services 21.93 Real Estate 4.21 Sensitive 36.08 Communication Services 3.36 Energy 10.13 Industrials 12.56 Technology 10.03 Defensive 32.15 Consumer Defensive 9.34 Healthcare 16.32 Utilities 6.49 Data through 2025-03-31 Holding Status Total Number of Stock Holdings 123 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 19.37 Turnover % (as of 2024-12-31) 21.30 30 Day SEC Yield % 0.00 Top Holdings Sector P/E % of Net Assets MetLife Inc 12.32 2.19 Wells Fargo & Co 12.77 2.15 Elevance Health Inc 16.36 2.08 Southern Co 23.03 2.04 Chubb Ltd --- 1.91 Kenvue Inc 43.70 1.81 Qualcomm Inc 15.15 1.81 Charles Schwab Corp 24.67 1.80 Kimberly-Clark Corp 17.95 1.80 Philip Morris International Inc 26.99 1.78 Data through 2025-03-31

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Active Management, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Other, Large Cap Show Risk Definitions

Other Information Inception Date: 1994-03-31 Portfolio Manager(s) John D. Linehan   (2015-11-01) John Linehan is the portfolio manager for the Equity Income Strategy and co-portfolio manager of the US Large-Cap Value Strategy for T. Rowe Price. In addition, he is the chief investment officer of Equity and a member of the firm's US Equity Steering, Equity Brokerage and Trading Control, and Counterparty Risk Committees. Mr. Linehan is Chairman of the Investment Advisory Committee at T. Rowe. He is a large-cap value portfolio manager in the U.S. Equity Division and also co-chair of the Investment Advisory Committee for the Institutional Large-Cap Value Strategy. From February 2010 to June 2014, Mr. Linehan was head of U.S. Equity and chairman of the U.S. Equity Steering Committee. He is a member of the firm's U.S. Equity Steering, Equity Brokerage and Trading Control, and Counterparty Risk Committees. He earned a B.A. from Amherst College and an M.B.A. from Stanford University, where he was the Henry Ford II Scholar, an Arjay Miller Scholar, and the winner of the Alexander A. Robichek Award in finance. Mr. Linehan is a CFA® charterholder. Investment Advisor(s) T. Rowe Price Associates, Inc. Issuer T. Rowe Price Subadvisor(s) ---

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